In the Press / 媒体关注

$12,200 per square foot for an apartment in Hong Kong – and you thought Auckland was bad

03 July 2018
/ NZ Herald

Two luxury flats in Hong Kong are being sold at a price point that is equivalent to buying a private Caribbean island, reports NZ Herald (3 July 2018). According to Knight Frank, a 38-acre island in Central Bahamas is available for US$85 million (NZ$126.8 million), while two connected villas in Hong Kong's Cyberport area is currently being listed for HK$538 million (NZ$102.3 million). According to Juwai.com CEO Carrie Law, although there are China buyers for island paradises the townhouses in Cyberport are likely to be more popular and sell faster than the private island due to the sheer distance to the Bahamas from China. "The problem is, it's at least 23 hours away by jet and then another half-hour by seaplane. You can't exactly commute to Central from there. That makes the island a second home, but one that is very distant and relatively difficult to visit or to show off to your friends and colleagues," said Law. She further explained that Chinese buyers seeking to purchase islands are relatively smaller as such investors need to commit for a longer period of time, and such demand tend to dwindle during economic or financial recessions.